I think what happened (conjecture only) is that the first 352 was a solid lifter engine with special heads that most likely did dyno @ or near 300HP. Early in the 1958 production year, FORD complied with the NO RACING BAN and the 352 was de-tuned (also went to a hydraulic valve-train).

FORD kept the previous HP rating as cars were sold by expected performance back then.

You can make good HP from a 352 but IMO one could just bore the 352 to a 390 (with crank kit) and have a very nice street engine. The block will still have the correct numbers for a dedicated restoration.

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